Box Ships Inc (TEUFF)

[Toxic Avenger]

I think that preferred investors are even smarter than the common shareholders. The shares are nominally worth $27.25/share and trade at $2.25. That suggests to me that the market believes they are likely to not be paid off at all, and very unlikely to be paid at more than a few dollars/share.
To put it in perspective, if there was a 8.25% chance of getting the $27.25 and a 91.75% chance of getting nothing, then the $2.25 is the right price.
So I'd put the odds at right about there.